Transferring a property you own outright into an LLC generally doesn’t trigger tax consequences, especially if it’s a disregarded entity or you’re simply moving it to an entity you fully own.

Quote from @Henry Hsieh: Quote from @Ronald Rohde: I would largely disregard OM numbers.

It helps to prove to those that this is a contract and disregards relationships. 

If the LLC is disregarded (better option from a long-term capital gains perspective) or taxed as a c-corp (not recommended if you hold property in the LLC long-term in the LLC), then you have the option and can simply take member distributions rather than a salary or payment for services.Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice.

If entities are disregarded, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately.

@Keith Miller Please disregard my previous posted info, I was working on mis-information. 

I see some investors who have dozens of properties opt for more than one property per LLC because 1 LLC/property becomes cumbersome and these investors can absorb the loss of 2-3 properties more easily than investors with fewer properties.As for parent companies, an LLC setup in WY, NV, or DE, disregarded (or partnership) is often ideal because these states provide robust protections to prevent personal liabilities from exposing the LLCs/assets under the holding LLC and can also help provide a barrier of anonymity/privacy.Lastly, if an LLC is sued and the assets of the LLC are exhausted by the judgement, then generally the buck stops there, they cannot go after the assets of the owners of the LLC.

The C-Corp can then pay you a salary or offer you tax-advantaged benefits such as healthcare reimbursements or contributions to a retirement plan.To take things a step further, you could hold the property in a disregarded LLC and lease it long-term to your C-Corp management company.

Even better, if you have each of said LLCs elect to be taxed as disregarded, you won't have additional tax filings to worry about and still maintain the protection provided. 

@Ben Kappel Transferring your duplex from your name to a single-member LLC typically does not trigger capital gains taxes since it's a disregarded entity for tax purposes.